W Condo Owners Exempted from Evacuation
June 29, 2011 07:33 Filed in: News
Yesterday, W Austin hotel guests were abruptly evacuated and the hotel was indefinitely closed as balcony glass fell to street for the third time in three weeks.
While hotel guests were forced to evacuate and relocate to another hotel, some condo owners still remain in the building. As owners, the residents have the choice as to whether they stay in the building or relocate until the issue is resolved. Owners who choose to stay in the building during the repair period will not have access to their balconies.
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While hotel guests were forced to evacuate and relocate to another hotel, some condo owners still remain in the building. As owners, the residents have the choice as to whether they stay in the building or relocate until the issue is resolved. Owners who choose to stay in the building during the repair period will not have access to their balconies.
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W Austin Media Statement on Buiding Closure
June 28, 2011 22:31 Filed in: News
W Austin Media Statement by Beau Armstrong, CEO Stratus Properties:
Today as you know, another glass balcony panel at the W Austin building shattered in place and fell, breaking two panels directly below, and sending glass into the pool area, which was closed. The entire team here at the W couldn’t be more devastated that this has occurred, but unfortunately after consulting with numerous experts we still do not know why this has happened.
So here’s what we’re doing. We are replacing every piece of balcony glass on the building. To do this safely we are working with the City to:
1. Shut down several lanes of traffic around 3 sides of the building. This will mean some delays on Lavaca, Third and Guadalupe until the panels on those sides of the building can be removed. We apologize for any inconvenience but our first priority is public safety.
2. Close the sidewalks entirely around the building until protective pedestrian walkways are installed.
We are also working to relocate current and future hotel guests, and closing the hotel until further notice. We’d like to thank our local hotel partners in advance for welcoming our guests and helping us during this difficult time.
We have experts and the City of Austin on site to ensure this work is done safely and as expeditiously as possible. Safety is our top priority.
Again, the entire team is devastated by these incidents, and we apologize to our hotel guests, our residents, our neighbors, and to the City. We will make this right.
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Today as you know, another glass balcony panel at the W Austin building shattered in place and fell, breaking two panels directly below, and sending glass into the pool area, which was closed. The entire team here at the W couldn’t be more devastated that this has occurred, but unfortunately after consulting with numerous experts we still do not know why this has happened.
So here’s what we’re doing. We are replacing every piece of balcony glass on the building. To do this safely we are working with the City to:
1. Shut down several lanes of traffic around 3 sides of the building. This will mean some delays on Lavaca, Third and Guadalupe until the panels on those sides of the building can be removed. We apologize for any inconvenience but our first priority is public safety.
2. Close the sidewalks entirely around the building until protective pedestrian walkways are installed.
We are also working to relocate current and future hotel guests, and closing the hotel until further notice. We’d like to thank our local hotel partners in advance for welcoming our guests and helping us during this difficult time.
We have experts and the City of Austin on site to ensure this work is done safely and as expeditiously as possible. Safety is our top priority.
Again, the entire team is devastated by these incidents, and we apologize to our hotel guests, our residents, our neighbors, and to the City. We will make this right.
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W Austin Evacuated and Closed After Glass Falls to Street
June 28, 2011 19:48 Filed in: News
The W Austin was abruptly evacuated and closed today as glass fell to street for the third time in three weeks.
The glass fell from the South side of the building just one day after three panels dropped to the street. Two weeks ago a pair of panels feel to the pool area while guests were present.
Luckily, nobody has been injured in the incident. The developers have already announced plans to replace almost 1,000 glass panels on the building's balconies.
Now, the sidewalk is closed and guarded as crews clean shards of glass from the perimeter of the building. The developer has not yet announced plans and timeline to fully address the issue and to reopen the hotel.
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The glass fell from the South side of the building just one day after three panels dropped to the street. Two weeks ago a pair of panels feel to the pool area while guests were present.
Luckily, nobody has been injured in the incident. The developers have already announced plans to replace almost 1,000 glass panels on the building's balconies.
Now, the sidewalk is closed and guarded as crews clean shards of glass from the perimeter of the building. The developer has not yet announced plans and timeline to fully address the issue and to reopen the hotel.
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New 50-Story Modern Hotel Proposed for downtown, Battle with Marriott Begins
June 26, 2011 11:27 Filed in: News
Last week, we reported that 1,000+ room Congress Avenue Marriott was back on-track. The project has been highly unpopular: the architecture is bad, the building lacks clear plans for ground floor retail, and the initial project resulted in the demolition of popular business such as Las Manitas. The building risks draining the life from a key downtown block connecting the 2nd street district to the convention district and 6th street on the East side of Congress. The developers caused additional controversy last week by requesting the waiver of more than $4 million in city fees to build the project.
The city needs a big new hotel to lure convention business and this has given the Marriott developers leverage as the only big budget project on the blocks. That is -- until now. This week, a San Diego development firm announced plans to build a 50-story 1,000 room hotel on the other side of the convention center.
The newly proposed project on Waller Creek provides a great alternative for the City: the architecture is interesting, the block is the ideal site for a large hotel between the convention center and I35. The developers are not aggressively pushing for fee relief from the City. The hotel would be the second tallest building in Austin after the Austonian.
Here is a summary from the Statesman:
"A San Diego hotel developer plans to build a $350 million hotel with more than 50 stories and 1,035 rooms east of the Austin Convention Center. The hotel would be built on land now used for parking at the northeast corner of Red River and Cesar Chavez streets, near Waller Creek.
Manchester Texas Financial Group could find itself in competition with White Lodging Services Corp., which plans a 1,003-room Marriott Marquis hotel on Congress Avenue between Second and Third streets.
It's unclear whether Austin could support two more convention-size hotels, in addition to the 800-room Hilton Austin, so the developers could be in a race to see who can break ground first.
Manchester Texas would develop the hotel. Its parent, San Diego-based Manchester Financial Group, built the Manchester Grand Hyatt and the Marriott Hotel and Marina in San Diego, high-rise hotels on San Diego Bay.
The Austin project would include 115,000 square feet of meeting and exhibit space, along with two restaurants and retail space.
Douglas Manchester, founder and chairman of Manchester Financial Group, said Friday that the project has been going "at a pretty fast speed" and that he anticipates starting construction in the next 12 months. The project would take at least 18 to 24 months to build, he said. He said Manchester Financial can put the required equity into the project and attract the loans to complete it."
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The city needs a big new hotel to lure convention business and this has given the Marriott developers leverage as the only big budget project on the blocks. That is -- until now. This week, a San Diego development firm announced plans to build a 50-story 1,000 room hotel on the other side of the convention center.
The newly proposed project on Waller Creek provides a great alternative for the City: the architecture is interesting, the block is the ideal site for a large hotel between the convention center and I35. The developers are not aggressively pushing for fee relief from the City. The hotel would be the second tallest building in Austin after the Austonian.
Here is a summary from the Statesman:
"A San Diego hotel developer plans to build a $350 million hotel with more than 50 stories and 1,035 rooms east of the Austin Convention Center. The hotel would be built on land now used for parking at the northeast corner of Red River and Cesar Chavez streets, near Waller Creek.
Manchester Texas Financial Group could find itself in competition with White Lodging Services Corp., which plans a 1,003-room Marriott Marquis hotel on Congress Avenue between Second and Third streets.
It's unclear whether Austin could support two more convention-size hotels, in addition to the 800-room Hilton Austin, so the developers could be in a race to see who can break ground first.
Manchester Texas would develop the hotel. Its parent, San Diego-based Manchester Financial Group, built the Manchester Grand Hyatt and the Marriott Hotel and Marina in San Diego, high-rise hotels on San Diego Bay.
The Austin project would include 115,000 square feet of meeting and exhibit space, along with two restaurants and retail space.
Douglas Manchester, founder and chairman of Manchester Financial Group, said Friday that the project has been going "at a pretty fast speed" and that he anticipates starting construction in the next 12 months. The project would take at least 18 to 24 months to build, he said. He said Manchester Financial can put the required equity into the project and attract the loans to complete it."
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Uh oh: The Dreaded 1,003 Room Downtown Marriott Might be Built
June 20, 2011 22:17 Filed in: News
Almost a year ago to the day, the Austin City Council enacted a zoning change and turned over a public alley in the most effort to lure a major convention hotel to Block 18 -- the Congress Avenue block that used to house Las Manitas and which was at one point going to be taken over by a very large Marriott hotel. A year ago it seemed the unpopular project was dead forever, now it is reported that the 30-story hotel project across from the Austonian is likely to start construction next year.
The Congress Avenue Marriott -- a 1,003 room hotel complex on 2nd and Congress avenue -- was one of the most controversial, and one of the least popular downtown projects when originally proposed. The project is best known for displacing Las Manitas and other local businesses. Before being cancelled, the last two versions of the project were criticized for bland institutional architecture and a lack of ground-floor retail on a key block connecting the convention center area to the second street district. The original plan for the project included 1,000 rooms across 3 separate Marriott-branded hotels in one convoluted multi-faceted building. The second version of the project included two hotels in one building. Version 3.0 included just one Marriott hotel with 1,000 rooms. The budget at one point reached $250 million before the project was shelved.
Now the project is back. If the city agrees to waive $4.3 million in fees, White Lodging Services Corp. plans to begin the design and engineering process for the project almost immediately. Once completed, the 27-30 story block wide tower would be the largest hotel in Austin.
The Downtown Marriott as Originally Proposed
The sad thing is that the city does badly need downtown hotel rooms and another large convention center hotel. The issue with the Marriott project as previously proposed is that -- unlike the highly popular W hotel -- the hotel is monolithic, architecturally uninteresting, lacks retail, fails to engage the surrounding streets, and brings no community venues or resources. It comes across as a pure profit play subsidized by tax payers and without regard for the advancement off the neighborhood.
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The Congress Avenue Marriott -- a 1,003 room hotel complex on 2nd and Congress avenue -- was one of the most controversial, and one of the least popular downtown projects when originally proposed. The project is best known for displacing Las Manitas and other local businesses. Before being cancelled, the last two versions of the project were criticized for bland institutional architecture and a lack of ground-floor retail on a key block connecting the convention center area to the second street district. The original plan for the project included 1,000 rooms across 3 separate Marriott-branded hotels in one convoluted multi-faceted building. The second version of the project included two hotels in one building. Version 3.0 included just one Marriott hotel with 1,000 rooms. The budget at one point reached $250 million before the project was shelved.
Now the project is back. If the city agrees to waive $4.3 million in fees, White Lodging Services Corp. plans to begin the design and engineering process for the project almost immediately. Once completed, the 27-30 story block wide tower would be the largest hotel in Austin.
The Downtown Marriott as Originally Proposed
The sad thing is that the city does badly need downtown hotel rooms and another large convention center hotel. The issue with the Marriott project as previously proposed is that -- unlike the highly popular W hotel -- the hotel is monolithic, architecturally uninteresting, lacks retail, fails to engage the surrounding streets, and brings no community venues or resources. It comes across as a pure profit play subsidized by tax payers and without regard for the advancement off the neighborhood.
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Downtown "Startup District" Proposed
June 20, 2011 22:17 Filed in: News
Technology startups have played an important role in driving the Austin economy. Home-grown companies like Tivoli, HomeAway, and Solarwinds have become major local employers.
In an effort to build a stronger community around startups with the hope of nurturing more entrepreneurs to success, the Statesman reports that "Austin may soon get a downtown startup district similar to those that have thrived in Silicon Valley and Boston."
According to the Statesman:
"The Greater Austin Chamber of Commerce is launching an effort to create Austin Live, a downtown work space that could serve as a home base for entrepreneurs and very early stage startups.
A search is under way for 10,000 square feet of space for the initiative, said Gene Austin , CEO of Convio Inc. and chairman of the chamber's Greater Austin Technology Partnership, which is overseeing the project.
Austin Live would feature an open floor plan and a coffeehouse environment, and it would provide a place for people to plug in their laptops and exchange ideas.
"The idea is to give entrepreneurs a better runway to get out of the tough stages of going from an idea to a real business," Austin said. "It's hard to make connections when you're working from your garage. We'd like this to become a magnet for funding. Hopefully, it will become a centerpiece for a much stronger tech ecosystem."
Chamber leaders are talking with other startup districts about playing a role in Austin Live. It's possible that instead of charging for space, service providers such as legal and accounting firms or venture capital firms could underwrite expenses, organizers said.
Many details are not yet decided, including who would operate the space and recruit tenants, and how it would be funded. The chamber's role now is helping find the location."
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In an effort to build a stronger community around startups with the hope of nurturing more entrepreneurs to success, the Statesman reports that "Austin may soon get a downtown startup district similar to those that have thrived in Silicon Valley and Boston."
According to the Statesman:
"The Greater Austin Chamber of Commerce is launching an effort to create Austin Live, a downtown work space that could serve as a home base for entrepreneurs and very early stage startups.
A search is under way for 10,000 square feet of space for the initiative, said Gene Austin , CEO of Convio Inc. and chairman of the chamber's Greater Austin Technology Partnership, which is overseeing the project.
Austin Live would feature an open floor plan and a coffeehouse environment, and it would provide a place for people to plug in their laptops and exchange ideas.
"The idea is to give entrepreneurs a better runway to get out of the tough stages of going from an idea to a real business," Austin said. "It's hard to make connections when you're working from your garage. We'd like this to become a magnet for funding. Hopefully, it will become a centerpiece for a much stronger tech ecosystem."
Chamber leaders are talking with other startup districts about playing a role in Austin Live. It's possible that instead of charging for space, service providers such as legal and accounting firms or venture capital firms could underwrite expenses, organizers said.
Many details are not yet decided, including who would operate the space and recruit tenants, and how it would be funded. The chamber's role now is helping find the location."
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Wow! Strong April & May MLS Condo Sales & Price Appreciation
June 12, 2011 10:56 Filed in: News
We've updated the AustinTowers | urbanspace Downtown Austin Condo Market Index for April and May, 2011and the results are very, very good. With 42 MLS sales during the two month period (and as many as 40 non-MLS sales in May alone), our twelve month tracking index showed it's highest average sales price ever: $368,929. The new record was the result of both price appreciation and a shift in mix to higher-priced units.
In April, 18 units sold for an average price of $387,508 -- a 29% increase in sales, 32% increase in average price, a 4% increase in $/SF and a 23% decrease in average days on market. While May sales volumes were level with last year, sales prices increases by 35%, $/SF by 15%, and average days on market dropped by 49% to 60-days. Overall, the units sold this year were newer, bigger, and more expensive than the units transacting a year ago.
April 2011 Condo Sales
May 2011 Condo Sales
During the two month period, sales prices ranged from $100K to $1.2M. 7 units sold for less than $200K, 31 sold for $200K - $500K, 2 from $500K to $1M, and 2 units for more than $1M. The two units that sold for more than $1M were both in the Nokonah. It is interesting to note that more than 90% of sales were for less than $500K and that the big dollar transactions are almost all happening off the MLS in new projects like the Austonian, W, and Four Seasons.
The most units sold were in 360 -- the largest downtown Austin condo project and one of the most desirable -- with 12 units selling for an average of $392 / square foot. After 360, five buildings each saw 3 sales during the two month period: Sabine, Nokonah, Greenwood, 904 West Ave, and Milago.
As usual, private sales -- which are not reflected in the MLS data -- continued to close at Spring, Four Seasons, the W, and the Austonian. April and May are the beginning of the peak selling months and, so far, the trend looks good. Year-to-date, sales are up to 75 units over 71 last year thanks to a strong April.
See the full index here.
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In April, 18 units sold for an average price of $387,508 -- a 29% increase in sales, 32% increase in average price, a 4% increase in $/SF and a 23% decrease in average days on market. While May sales volumes were level with last year, sales prices increases by 35%, $/SF by 15%, and average days on market dropped by 49% to 60-days. Overall, the units sold this year were newer, bigger, and more expensive than the units transacting a year ago.
April 2011 Condo Sales
| Month | Sales | Avg. Price | $/SF | Avg SF | Avg Year | % Ask | ADOM |
| Apr-10 | 14 | $294,263 | $273 | 1,061 | 1985 | 96% | 128 |
Apr-11 | 18 | $387,508 | $284 | 1,302 | 1989 | 96% | 98 |
Change | 29% | 32% | 4% | 23% | 4.00 | 0% | -23% |
May 2011 Condo Sales
Month | Sales | Avg. Price | $/SF | Avg SF | Avg Year | % Ask | ADOM |
| May-10 | 24 | $258,967 | $285 | 934 | 1976 | 96% | 118 |
May-11 | 24 | $349,329 | $327 | 1,041 | 2000 | 97% | 60 |
Change | 0% | 35% | 15% | 11% | 24.00 | 1% | -49% |
During the two month period, sales prices ranged from $100K to $1.2M. 7 units sold for less than $200K, 31 sold for $200K - $500K, 2 from $500K to $1M, and 2 units for more than $1M. The two units that sold for more than $1M were both in the Nokonah. It is interesting to note that more than 90% of sales were for less than $500K and that the big dollar transactions are almost all happening off the MLS in new projects like the Austonian, W, and Four Seasons.
The most units sold were in 360 -- the largest downtown Austin condo project and one of the most desirable -- with 12 units selling for an average of $392 / square foot. After 360, five buildings each saw 3 sales during the two month period: Sabine, Nokonah, Greenwood, 904 West Ave, and Milago.
As usual, private sales -- which are not reflected in the MLS data -- continued to close at Spring, Four Seasons, the W, and the Austonian. April and May are the beginning of the peak selling months and, so far, the trend looks good. Year-to-date, sales are up to 75 units over 71 last year thanks to a strong April.
See the full index here.
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DAB Reporting 40 New Building Closings in May
June 08, 2011 09:49 Filed in: News
The Downtown Austin Blog is reporting that an amazing 40 units closed in May in the major new construction downtown projects.
Here are the reported May closings by building:
W Residences: 15 in May (Est. 51 now closed)
Barton Place: 12 in May (Est. 90 now closed)
Austonian: 4 in May (Est. 60 now closed)
Spring: 4 in May (Est. 208 now closed)
904 West Ave: 3 in May (Est. 6 now closed)
Four Seasons Residences: 2 in May (Est. 68 Closed)
This is an amazing pace of sales and shows renewed strength in the downtown market. Note that the total numbers are estimated --- it's very difficult to get accurate counts from some of the buildings -- especially the Austonian.
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Here are the reported May closings by building:
W Residences: 15 in May (Est. 51 now closed)
Barton Place: 12 in May (Est. 90 now closed)
Austonian: 4 in May (Est. 60 now closed)
Spring: 4 in May (Est. 208 now closed)
904 West Ave: 3 in May (Est. 6 now closed)
Four Seasons Residences: 2 in May (Est. 68 Closed)
This is an amazing pace of sales and shows renewed strength in the downtown market. Note that the total numbers are estimated --- it's very difficult to get accurate counts from some of the buildings -- especially the Austonian.
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AISD to Sell Downtown Headquarters
May 30, 2011 13:36 Filed in: News
AISD has announced that it is putting it's 5-building 128,000 square foot downtown headquarters on the market for $32M. The building could easily be converted to commercial and retail use.
The headquarters building has long created a void on sixth street where its retail-less ground floor occupies a critical block just west of Lamar. The building goes through the block to fifth street.
AISD has decided to sell the buildings to help close a large budget gap. The value of the building has appreciated significantly over the last decade and provides an opportunity for the district to use the gains to close the budget gap without having to cut educational programs. The district has stated that they will only sell the building at the right price.
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The headquarters building has long created a void on sixth street where its retail-less ground floor occupies a critical block just west of Lamar. The building goes through the block to fifth street.
AISD has decided to sell the buildings to help close a large budget gap. The value of the building has appreciated significantly over the last decade and provides an opportunity for the district to use the gains to close the budget gap without having to cut educational programs. The district has stated that they will only sell the building at the right price.
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Top Downtown Austin Condo Projects Report Slow Sales
May 26, 2011 22:20 Filed in: News
New data from four of the top five newly constructed downtown condo projects (the Austonian won't release data) suggests that sales have been remarkably slow over the last six months at W Residences, Four Seasons, and BartonPlace and that many buyers who entered into contracts have failed to close. At BartonPlace, for example, 15 fewer units are reported sold or under contract than 6 months ago. Spring, in contrast, has seen a dramatic surge in sales with more than 201 units closed -- more than the other projects combined -- and 14 additional units under contract.
Here is the data:
Spring
Now: 215 / 248 units sold or under contract (201 sold & 14 under contract)
Last September: 158 / 248 units sold or under contract
Change: + 57 units sold or under contract
W Residences
Now: 86 / 159 units sold or under contract (40 sold & 46 under contract)
Last September: 84 / 159 units sold or under contract
Change: + 2 units sold or under contract
Four Seasons
Now: 79 / 148 units sold or under contract (68 sold & 11 under contract)
Last September: 77 / 148 units sold or under contract
Change: + 2 units sold or under contract
BartonPlace
Now: 139 / 270 units sold or under contract (85 sold & 54 under contract)
Last November: 154 / 270 units sold or under contract
Change: - 15 units sold or under contract
While there are many possible reasons for the weak sales trend, the most likely explanation is that many of the projects saw early contracts fall through. While anecdotal evidence suggests sales have been picking up, financing issues and skittish buyers are apparently continuing to walk from their original contracts.
At the W, the large number of residences under contract is likely due to the fact that not all of the units are ready for occupancy. At Spring and Four Seasons, there is only a small number of units under contract. At BartonPlace, a surprisingly large number of units remain unclosed despite the fact that the project has been completed for quite a while.
Spring continues to do well. With many reasonably priced units, a prime downtown location, and a tall & attractive design, the building has hit the same market sweet spot that led 360 to rapidly sell out. At the current pace, the remaining Spring units will be gone by the end of the year.
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Here is the data:
Spring
Now: 215 / 248 units sold or under contract (201 sold & 14 under contract)
Last September: 158 / 248 units sold or under contract
Change: + 57 units sold or under contract
W Residences
Now: 86 / 159 units sold or under contract (40 sold & 46 under contract)
Last September: 84 / 159 units sold or under contract
Change: + 2 units sold or under contract
Four Seasons
Now: 79 / 148 units sold or under contract (68 sold & 11 under contract)
Last September: 77 / 148 units sold or under contract
Change: + 2 units sold or under contract
BartonPlace
Now: 139 / 270 units sold or under contract (85 sold & 54 under contract)
Last November: 154 / 270 units sold or under contract
Change: - 15 units sold or under contract
While there are many possible reasons for the weak sales trend, the most likely explanation is that many of the projects saw early contracts fall through. While anecdotal evidence suggests sales have been picking up, financing issues and skittish buyers are apparently continuing to walk from their original contracts.
At the W, the large number of residences under contract is likely due to the fact that not all of the units are ready for occupancy. At Spring and Four Seasons, there is only a small number of units under contract. At BartonPlace, a surprisingly large number of units remain unclosed despite the fact that the project has been completed for quite a while.
Spring continues to do well. With many reasonably priced units, a prime downtown location, and a tall & attractive design, the building has hit the same market sweet spot that led 360 to rapidly sell out. At the current pace, the remaining Spring units will be gone by the end of the year.
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54% of Four Seasons Condos Sold
May 16, 2011 05:35 Filed in: News
According to the Statesman, the Four Seasons Condominiums has 54% of it's 148 units sold or under contract.
The article reported that:
"In a securities filing, Post said that, as of April 29, 68 units had been sold and 11 more were under contract.
The 32-story Four Seasons is east of the Four Seasons Hotel on Lady Bird Lake.
The units range in price from the $400,000s to more than $4 million.
Post also has a new condominium project in Atlanta. The company said in the filing that once it sells out the Austin and Atlanta projects, it will not launch anymore condominiums but will focus on its core apartment business.
Post is building a $41.7 million apartment complex on South Lamar Boulevard, with 298 units and street-level retail."
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The article reported that:
"In a securities filing, Post said that, as of April 29, 68 units had been sold and 11 more were under contract.
The 32-story Four Seasons is east of the Four Seasons Hotel on Lady Bird Lake.
The units range in price from the $400,000s to more than $4 million.
Post also has a new condominium project in Atlanta. The company said in the filing that once it sells out the Austin and Atlanta projects, it will not launch anymore condominiums but will focus on its core apartment business.
Post is building a $41.7 million apartment complex on South Lamar Boulevard, with 298 units and street-level retail."
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Seaholm Becoming Essential Downtown Music, Art, Party Venue
May 05, 2011 22:03 Filed in: News
Over the last three weeks, it seems that there has been a different party or event at Seaholm, the decommissioned art deco power plant in the heart of downtown, almost every night.
During the innovative Fusebox arts festival, Seaholm was busy as a music and post-event party venue into the early morning hours. With great lighting and pop-up bars inside and a line of food trailers outside, the large Seaholm main space was often filled with people.
Fusebox Performance at Seaholm (Photo by Paul J. D'Arcy)
While future plans have not been released, the building is slated for use as a community or cultural space as part of the massive redevelopment of the blocks between Lamar and San Antonio just north of the lake. With tight commercial lending requirements, there is no current timeline for redevelopment of the Seaholm or adjacent Green Water Treatment Plan (now decommissioned and demolished) sites.
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During the innovative Fusebox arts festival, Seaholm was busy as a music and post-event party venue into the early morning hours. With great lighting and pop-up bars inside and a line of food trailers outside, the large Seaholm main space was often filled with people.
Fusebox Performance at Seaholm (Photo by Paul J. D'Arcy)
While future plans have not been released, the building is slated for use as a community or cultural space as part of the massive redevelopment of the blocks between Lamar and San Antonio just north of the lake. With tight commercial lending requirements, there is no current timeline for redevelopment of the Seaholm or adjacent Green Water Treatment Plan (now decommissioned and demolished) sites.
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UrbanOutfitters to Open in Prime W Retail Space
May 05, 2011 21:47 Filed in: News
While the W has been open a for a few months, the prime second street retail space under the ACL Moody Theater has remained boarded up. As the center of second street gravity shifts to the W, the large new retail spot is one of the most valuable in Austin.
Now, Urban Outfitters has signed a ten-year lease for the 9,931 square foot space with plans to open a new store soon. The presence of a large well-known retailer will likely increase shopping traffic to the 2nd street district, hopefully benefitting all of the neighborhood's stores.
Also opening is the new Violet Crown theater a block West of the W. The independent theater features 4 screens, reserved seating, a bar & cafe, and free parking.
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Now, Urban Outfitters has signed a ten-year lease for the 9,931 square foot space with plans to open a new store soon. The presence of a large well-known retailer will likely increase shopping traffic to the 2nd street district, hopefully benefitting all of the neighborhood's stores.
Also opening is the new Violet Crown theater a block West of the W. The independent theater features 4 screens, reserved seating, a bar & cafe, and free parking.
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Waller Creek Project to Make Downtown Austin 11% Larger
April 28, 2011 21:27 Filed in: News
For many years, downtown Austin visionaries have talked about the potential of Waller Creek and the adjacent floodplain that runs north to south though the East end of downtown. Through a massive tunnel project, work is underway to control the creek and thus remove a contiguous 28 acres from the floodplain, essentially increasing the size of downtown Austin by 11% by allowing development for the first time ever. Now, there is talk of a San Antonio-esque river walk or a string of parks to fill this amazing new space.
To this end, a new not-for-profit, the Waller Creek Conservancy, was founded in 2010 to help steward Waller Creek by playing a vital role in the preservation, redevelopment and maintenance of the creek's surrounding parks, nearby businesses, adjoining neighborhoods and community at large. The Conservancy was founded by Tom Meredith, former chief financial officer of Dell, Inc., Melba Whatley, who runs MDW Interests, a private oil, gas and real estate investment firm, and Melanie Barnes, a philanthropist and lawyer. (www.wallercreek.org).
This week, the Waller Creek Conservancy and the City of Austin agreed to a unique public-private partnership with the goal of creating and implementing a master plan for downtown property that will be removed from the floodplain when the Waller Creek tunnel is complete.
The city and the Conservancy have each contributed $400,000 as seed funding for the effort, which is anticipated to be a 30-year project. The Waller Creek Conservancy anticipates raising about $60 million from private donors and foundations to fund the development and design of Waller Creek. The specific amount of funds raised will depend on the chosen design.
"Our purpose, simply put, is to serve as the steward of Waller Creek," Meredith, chairman of the Waller Creek Conservancy, said. "The only way to fulfill that goal is by playing a vital role in the preservation, maintenance and redevelopment of the creek and its surrounding parks, nearby businesses, adjoining neighborhoods and community at large."
Ground was broken on the Waller Creek tunnel in April. "The tunnel will finally provide what the area has needed—plumbing that will solve the flooding problems that have plagued landowners for years," Whatley, president of the Waller Creek Conservancy, said.
The 28-acre property to be master planned runs from about 15th Street down the Waller Creek watershed to Lady Bird Lake. It encompasses three existing parks—Palm, Waterloo, and Centennial—and can accommodate at least two additional parks. In addition, the property involves such diverse neighbors as: The University of Texas of Austin, the University Medical Center at Brackenridge, entertainment, housing, hospitality, business, retail, open space and recreational spaces. Much of the property is currently undeveloped because of the severe flooding issues.
"We have an opportunity to create a space for Austin that won't come along again in our lifetimes," Whatley said. Whatley said the Waller Creek Conservancy would work on and help fund such issues as financing, design and planning and implementation.
The Conservancy will work closely with the City of Austin to enact policies that support the implementation of a master plan while simultaneously launching an aggressive fundraising plan to finance the rehabilitation of the creek, three public parks and other public amenities.
"An important thing to note is while we're embarking on something Austin has yet to do on this scale, we're not reinventing the wheel," Barnes, secretary and treasurer of Waller Creek Conservancy, said. "We've carefully studied other conservancies that oversee places such as Central Park in New York, Millennium Park in Chicago and Discovery Green in Houston—and are using their success as a template for how we can accomplish similar objectives here in Austin."
The Conservancy will launch an international design competition in September to solicit concepts from teams of landscape architects, architects and artist. The competition, spearheaded by Portland, Oregon, architect Donald J. Stastny, FAIA FAICP FCIP, will assemble a jury of design professionals to narrow the field of entries to about eight contenders by November. The jury will then select approximately four finalists to be announced in December, and the winner will be announced in May 2012.
The Waller Creek tunnel is a $146.7-million project that has been 30 years in the planning. When it is completed in 2014, it will funnel floodwaters into Lady Bird Lake, freeing up about 11 percent of downtown Austin from the floodplain.
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To this end, a new not-for-profit, the Waller Creek Conservancy, was founded in 2010 to help steward Waller Creek by playing a vital role in the preservation, redevelopment and maintenance of the creek's surrounding parks, nearby businesses, adjoining neighborhoods and community at large. The Conservancy was founded by Tom Meredith, former chief financial officer of Dell, Inc., Melba Whatley, who runs MDW Interests, a private oil, gas and real estate investment firm, and Melanie Barnes, a philanthropist and lawyer. (www.wallercreek.org).
This week, the Waller Creek Conservancy and the City of Austin agreed to a unique public-private partnership with the goal of creating and implementing a master plan for downtown property that will be removed from the floodplain when the Waller Creek tunnel is complete.
The city and the Conservancy have each contributed $400,000 as seed funding for the effort, which is anticipated to be a 30-year project. The Waller Creek Conservancy anticipates raising about $60 million from private donors and foundations to fund the development and design of Waller Creek. The specific amount of funds raised will depend on the chosen design.
"Our purpose, simply put, is to serve as the steward of Waller Creek," Meredith, chairman of the Waller Creek Conservancy, said. "The only way to fulfill that goal is by playing a vital role in the preservation, maintenance and redevelopment of the creek and its surrounding parks, nearby businesses, adjoining neighborhoods and community at large."
Ground was broken on the Waller Creek tunnel in April. "The tunnel will finally provide what the area has needed—plumbing that will solve the flooding problems that have plagued landowners for years," Whatley, president of the Waller Creek Conservancy, said.
The 28-acre property to be master planned runs from about 15th Street down the Waller Creek watershed to Lady Bird Lake. It encompasses three existing parks—Palm, Waterloo, and Centennial—and can accommodate at least two additional parks. In addition, the property involves such diverse neighbors as: The University of Texas of Austin, the University Medical Center at Brackenridge, entertainment, housing, hospitality, business, retail, open space and recreational spaces. Much of the property is currently undeveloped because of the severe flooding issues.
"We have an opportunity to create a space for Austin that won't come along again in our lifetimes," Whatley said. Whatley said the Waller Creek Conservancy would work on and help fund such issues as financing, design and planning and implementation.
The Conservancy will work closely with the City of Austin to enact policies that support the implementation of a master plan while simultaneously launching an aggressive fundraising plan to finance the rehabilitation of the creek, three public parks and other public amenities.
"An important thing to note is while we're embarking on something Austin has yet to do on this scale, we're not reinventing the wheel," Barnes, secretary and treasurer of Waller Creek Conservancy, said. "We've carefully studied other conservancies that oversee places such as Central Park in New York, Millennium Park in Chicago and Discovery Green in Houston—and are using their success as a template for how we can accomplish similar objectives here in Austin."
The Conservancy will launch an international design competition in September to solicit concepts from teams of landscape architects, architects and artist. The competition, spearheaded by Portland, Oregon, architect Donald J. Stastny, FAIA FAICP FCIP, will assemble a jury of design professionals to narrow the field of entries to about eight contenders by November. The jury will then select approximately four finalists to be announced in December, and the winner will be announced in May 2012.
The Waller Creek tunnel is a $146.7-million project that has been 30 years in the planning. When it is completed in 2014, it will funnel floodwaters into Lady Bird Lake, freeing up about 11 percent of downtown Austin from the floodplain.
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800 Foot 5th & Congress Super Tower to Return?
April 18, 2011 22:32 Filed in: News
According to the Austin Business Journal, Tom Stacy (a veteran Austin developer) and Walton Street Capital (a $12B investment firm) are revitalizing plans for two dramatic downtown buildings on a key downtown block bound 5th and Congress.
According to the Report, "Developers are moving forward with plans for two new mixed-use towers and a parking garage downtown. . .The new towers are planned for the same block bound by Brazos and 5th Street, plus a half block across the street. Construction on the first phase — the parking garage — is slated for early 2012. Officials said in 2008 they would invest half a billion in the development. One building will be 500,000 square feet and slightly taller than the 26-story Bank of America building, they said at the time. The other was slated for a hotel and condo tower rising more than 800 feet, plus 1,000-car garage, previous reports said."
We reported extensively on the original project when it was first announced. Although the details are likely to change dramatically between the first proposal and anything built today, the original plans called for a 925,000 square feet mixed use building which would be the largest downtown Austin project at nearly twice the square feet of the Frost Bank Tower. The project (rendering below) was to be designed by the world-famous architecture firm of Pelli Clarke Pelli, who also designed the Petronas Towers, once the tallest buildings in the world, and the Museum of Modern Art and Museum Tower in New York City.
Original Rendering of 5th & Congress
The original plans called for the project to include 100,000 square feet of retail on the first three floors, 250 room luxury hotel and up to 350 "affordably priced" apartments and condominiums. While many of the details were still up in the air at the time the project was shelved, the project continued to grow in scale after its original proposal. The plans also included a 12-story parking garage one block away. The original building would have soared 110 feet above the Austonian to be the tallest building in Austin and was to include condos on the highest floors.
Will see what similarities exist between the original proposal and whatever new plans evolve for this very important downtown site.
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According to the Report, "Developers are moving forward with plans for two new mixed-use towers and a parking garage downtown. . .The new towers are planned for the same block bound by Brazos and 5th Street, plus a half block across the street. Construction on the first phase — the parking garage — is slated for early 2012. Officials said in 2008 they would invest half a billion in the development. One building will be 500,000 square feet and slightly taller than the 26-story Bank of America building, they said at the time. The other was slated for a hotel and condo tower rising more than 800 feet, plus 1,000-car garage, previous reports said."
We reported extensively on the original project when it was first announced. Although the details are likely to change dramatically between the first proposal and anything built today, the original plans called for a 925,000 square feet mixed use building which would be the largest downtown Austin project at nearly twice the square feet of the Frost Bank Tower. The project (rendering below) was to be designed by the world-famous architecture firm of Pelli Clarke Pelli, who also designed the Petronas Towers, once the tallest buildings in the world, and the Museum of Modern Art and Museum Tower in New York City.
Original Rendering of 5th & Congress
The original plans called for the project to include 100,000 square feet of retail on the first three floors, 250 room luxury hotel and up to 350 "affordably priced" apartments and condominiums. While many of the details were still up in the air at the time the project was shelved, the project continued to grow in scale after its original proposal. The plans also included a 12-story parking garage one block away. The original building would have soared 110 feet above the Austonian to be the tallest building in Austin and was to include condos on the highest floors.
Will see what similarities exist between the original proposal and whatever new plans evolve for this very important downtown site.
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